Goyal Traveled To Saudi Arabia For A Ministerial Meeting Of The Economic Investment Committee

An official statement said on Saturday that India and Saudi Arabia are expected to develop a plan of action to strengthen bilateral cooperation in various areas and projects, including the west coast refinery project. The issue will be discussed during a meeting on September 18-19 between Commerce and Industry Minister Piyush Goyal and Saudi Energy Minister Prince Abdul Aziz Bin Salman.

They would co-chair the Economic and Investments Committee's inaugural ministerial meeting. According to the commerce ministry, the two ministers will discuss the progress made by the various joint working groups of the economic and investment committee.

"Both sides are expected to formulate plan of action for further strengthening bilateral cooperation in an array of priority areas and projects, including the West Coast Refinery Project, Trans-ocean grid connectivity, Green Hydrogen, Food security, energy security and pharmaceuticals," the statement said.

They may also accelerate progress on Crown Prince Mohammad Bin Salman's announcement of $100 billion in investments in India during his February 2019 visit to India, according to the document.

According to the statement, this committee is one of two ministerial verticals established under the framework of the India-Saudi Arabia Strategic Partnership Council, which is led at the highest level by the Prime Minister of India and the Crown Prince of the Kingdom of Saudi Arabia.

Saudi Arabia's second largest trade partner is India, and India's fourth largest trade partner is Saudi Arabia. In 2021-22, India's imports from Saudi Arabia totaled $34 billion, while exports totaled $8.8 billion.